Mistras Group, Inc.
Rank #174ValueMG · NYSE · Industrials
Mistras Group, Inc. (MG) — Rank #174 by gross profitability (GP/assets 0.35) · ROE 7.0% · Piotroski F-Score 6 / 9.
As-of 2026-09-15 · CIK 0001436126 · all metrics point-in-time as of the filing date.
About
Mistras Group, Inc. provides technology-enabled industrial asset integrity and laboratory testing solutions in the United States, Europe, the Middle East, Africa, Asia, and South America.
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The company offers non-destructive testing (NDT) services; pipeline inspections; Plant Condition Management Software; maintenance planning; and specialized engineering solutions. It also provides maintenance and light mechanical services, such as corrosion removal, mitigation and prevention, insulation installation and removal, electrical services, heat tracing, industrial cleaning, pipefitting, and welding; engineering consulting services, including plant operations and management support, turnaround/shutdown planning, profit improvement, facilities planning studies, engineering design, process safety reviews, energy optimization evaluations, benchmarking/key performance indicator development, and technical training. In addition, the company offers scaffolding and rope access forb at-height and confined assets; certified divers for subsea inspection and maintenance; unmanned aerial, land-based, and subsea systems for inspection applications; portable, handheld, wireless and turnkey NDT equipment; acoustic emission products and sensors, instruments, and turnkey systems for monitoring and testing materials, pressure components, processes, and structures; and ultrasonic testing equipment. Further, it provides asset protection solutions to detect, mitigate, and prevent degradation mechanisms, such as corrosion, cracking, leaks, and manufacturing defects; inspection, maintenance, and monitoring and data services; and quality assurance and quality control solutions for new and existing metal and alloy components, materials, and composites. It serves renewable energy, alternative power generation, natural gas transportation, data centers, pipeline integrity, and additive manufacturing industries.
The company was founded in 1978 and is headquartered in Princeton Junction, New Jersey.
- Industry
- Security & Protection Services
- Sector
- Industrials
- State
- DE
- Filer Category
- Accelerated filer
- Fiscal Year End
- December 31
- Website
- mistrasgroup.com
Price History
Company Snapshot
P/E and dividend yield are the primary valuation lenses for mature businesses.
Market Cap
$620.12M
P/E (annual)
36.7
P/S (annual)
0.9
P/B
2.6
P/OCF (annual)
18.8
Shareholder Yield
-1.4%
Employees
4,800
Industry
Security & Protection Services
Exchange
NYSE
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
2/3 passGrowth
1/2 passTerry Smith quality gate
Passes 0/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
25.9%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 1.4% — per-share value needs a total required return of 27.3% once share-count change is priced in.
vs. own 6-year median revenue growth: 2.1%
priced above its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
20.5%
r = 10% (base)
25.9%
r = 12%
30.5%
Net debt / market cap: 24.0%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).
Profitability
Gross profitability (GP / assets)
0.35
Primary signal (Novy-Marx).
4th of 5 SIC 87 peers
Return on equity
7.0%
Gross margin
28.2%
5th of 5 SIC 87 peers
Revenue growth (YoY)
-0.8%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
1.7%
Revenue CAGR (5Y)
4.1%
Earnings CAGR (3Y)
37.3%
FCF CAGR (3Y)
-15.6%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.43
5th of 5 SIC 87 peers (best = lowest)
Current ratio
1.71×
3rd of 5 SIC 87 peers
Quick ratio
1.44×
Net cash
-$150.10M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$8.31M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
-0.51
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
1.1%
Stock-based comp intensity.
Piotroski F-Score
F-Score
6 / 9
Fundamental-strength score (0-9).